GATX - 74 days HEAD & SHOULDERS══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
GATX trade ideas
GATX More Bullish Than BearishThe trendline of the uptrend which started in May 2023 was breached in early Aug 2023. However, GATX is holding 100 EMA and holding support of 122. If it falls below this first support of 122, it is likely to bounce back from the second support of 119. If not, it may go into a long downtrend, reaching levels between 100-110.
Squeeze Momentum indicator is bullish. If GATX bounces back from its current support level of 122, it is likely to meet resistance at 127.5 - the high of double top formation.
BUY to GATX CORPHey people, GATX CORP is in a fake bearish movement with a strong sell volume traded and a hammer candle. In the TIMEFRAME M1 we see a large hammer candle upside down with a large volume of sales made, it bounced off the VWAP in its swallowing. For a retest of the base then of the highest in order to go to the top of the consolidation zone and test it. Great possibility of breaking the price with the momentum at the same time, the zone to reach a new one and to reach the next high.
GATX CORP will join the top of the bullish channel for a check before the test of the consolidation zone, for the breakout with a symbolic number of 97.00.
Please LIKE & FOLLOW, thank you!
2001 and 2008 highsMy first view of a stock is a 10 year weekly chart and even I Look more back in the time for establish old and relevant support and resistance levels.
Then I do a zoom in and I focus in the action of the last 2 or 4 Years.
Then I look my daily chart and 4-Hrs Chart too, this is called Top down Analysis with multiple time frame.
Thanks to this,
I identify a key resistance level around 50.00 and 51.00, and this level was very important in 2001 and then in 2007-2008,
because in this 2 occasions the price hit that level but could not overcome them.
This sound like a too old history but is key for this idea
then in 2014 the price hit and broke the resistance level of 50.00, and it reached up to 69.00, for then in 2015 fall below 50.00 again,
then again at the end of 2016 the price hit and broke the 50.00 level, and this time the price stayed above 50.00,
but without exceeding the 69.00 reached in 2014
and that's how we got to our days,
where is the price action now because if look the (Red Arrows) that I use to show the resistance,
you can observe that the price broke the high that marked in 2014 (69.00) and that now is above 69.00
Look the (Blue Arrow) that show how resistance is now support
That is all
I make myself understand